(Upside Down) Cup and Handle Forms on Stamp
Hello everyone! :)
Bitcoin is still bearish and a big breakout downwards is coming (If this pattern finished). This is something that you can expect when a (upside down) cup and handle forms on the chart. In most cases bears will take control after the formation of the handle thats formed upside down. Than the price will go down after the handle resistance breakout downwards. If the price breaks below the handle resistance, it will keep on going down strongly. This up movement can be at least the same as the size of the cup depth.
In this case the target wil be 682-447=235, 447-235= 212USD.
Short-term we might see regression back to 494 to re-test that level or test the lower level of 440. Thats important to watch because if that support doesn't break and the movement turns back upwards, this pattern fails and I have to consider my strategy ad view. From that point Bitcoin will go up to build more and more momentum.
I'm curious to know your thoughts about my prediction,
And If you like my chart don't forget to like :)
Have a good day you all!
Bitcoin is still bearish and a big breakout downwards is coming (If this pattern finished). This is something that you can expect when a (upside down) cup and handle forms on the chart. In most cases bears will take control after the formation of the handle thats formed upside down. Than the price will go down after the handle resistance breakout downwards. If the price breaks below the handle resistance, it will keep on going down strongly. This up movement can be at least the same as the size of the cup depth.
In this case the target wil be 682-447=235, 447-235= 212USD.
Short-term we might see regression back to 494 to re-test that level or test the lower level of 440. Thats important to watch because if that support doesn't break and the movement turns back upwards, this pattern fails and I have to consider my strategy ad view. From that point Bitcoin will go up to build more and more momentum.
I'm curious to know your thoughts about my prediction,
And If you like my chart don't forget to like :)
Have a good day you all!
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